Suncor gains licenses offshore Newfoundland

Offshore staff

CALGARY, CanadaSuncor Energy has received new exploration licenses off the east coast of Newfoundland under a joint bid.

The award carries a commitment on exploration spending over the next six to nine years, although the company plans no significant expenditure this year.

As for ongoing field developments in the region, Suncor says water injection started late last year at the Hibernia South Extension Unit project, and production should ramp up during the second half of 2015.

Following the completion of subsea facilities for the South White Rose Extension project, drilling will continue with first oil anticipated this spring. Both projects are designed to provide incremental production and extend the productive lives of the fields.

However, the partners in the White Rose Extension Project have agreed to defer a project sanction decision in light of the current lower crude price.

02/05/2015

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